Monday, June 30, 2014
A Warning About Growing Inequality From A Billionaire
Nick Hanauer is an entrepreneur from Seattle who made billions by investing in successful start ups like Amazon. He is not a technologist and he claims that he is not particularly smart. He is good at seeing the future a little bid earlier than other people. The future that he envisions for America is not a good one. Growing inequality will lead to two bad outcomes: social revolution or a police state. His message for his fellow billionaires is that they should support policies that will promote equality. He believes that this will be good for the economy, and for them. It is a better alternative than revolution or a police state. While a revolution may be unlikely, a police state can be dangerous even for billionaires. Some billionaires will attempt to capture the state and use its power against their economic competitors. We know what that looks like in other parts of the world.